Keyboard trading system

ABSTRACT

The present invention relates to systems and methods for providing customized keyboards for receiving user inputs, and view regions for displaying information for users in useful arrangements. Such keyboards include keys that are pre-programmed to reflect the issues present in each trading pane of the view regions. Using such keys, a user may direct the trading application to quickly and efficiently switch between multiple issues, and place, manipulate or cancel orders on them. The keyboard may also be designed such that multiple keys may be disabled, replaced or mapped to perform different functions.

CROSS-REFERENCES TO RELATED APPLICATIONS

This application is a continuation of U.S. patent application Ser. No.14/589,318, dated Jan. 5, 2015 which is a continuation of U.S. patentapplication Ser. No. 10/699,858, filed on Oct. 31, 2003, now issued U.S.Pat. No. 8,930,256, which further claims the benefit of U.S. provisionalapplication No. 60/423,618, filed Oct. 31, 2002, U.S. provisionalapplication No. 60/465,246, filed Apr. 23, 2003, and U.S. provisionalapplication No. 60/486,394, filed Jul. 10, 2003, all of which are herebyincorporated by reference herein in their entirety.

BACKGROUND OF THE INVENTION

This invention relates to user input devices and view regions. Morespecifically, this invention relates to customized keyboards forreceiving user inputs, and view regions for displaying information forthe user in useful arrangements.

Much trading today involves some computer support, from simpleinformation delivery to sophisticated trading systems that automatetransactions of goods and services. In recent years, electronic tradingsystems have gained widespread acceptance for trading of a wide varietyof items ranging from financial instruments (such as stocks, bonds,currency, futures, options, etc.) to household goods (such as oldrecords, antiques, wines, etc.) As electronic trading becomes morepopular, an increasing number of traders are in need of new systems andmethods to enter trade commands in a quick, efficient, and accuratemanner. In one method of electronic trading, bids and offers aresubmitted by traders to a trading system, those bids and offers are thendisplayed by the trading system to other traders, and the other tradersmay then respond to the bids and offers by submitting sell (or hit) orbuy (or lift) commands to the system.

Many implementations of such methods of electronic trading, whilegenerally accurate, lack in desired speed mainly because traders areforced to use both a standard keyboard and a pointing device to executea trade. This dual process causes much delay for traders because thetraders must follow several steps prior to accomplishing a trade. Forexample, many traders using typical trading systems are required to usea mouse to point on an issue of choice, click on it and use a PCkeyboard to enter a price and size for the trade.

In other implementations of electronic trading methods, traders areforced to use a pointing device exclusively to execute trades. Thisprocess causes much delay for traders because the traders must sometimesfollow even more steps prior to accomplishing a trade. For example, manytraders using such trading systems are required to use a mouse to pointon an issue of choice, and click on it in order to display a dialog boxor window containing several other buttons that must be pressed with themouse before a trade can be executed.

Not only do some of the aforementioned trading methods wasteconsiderable amounts of valuable time, they additionally distracttraders from focusing on market movements and other trades while theyattempt to execute their trades. This may be because such traders haveto interact with windows or dialog boxes containing buttons that enablethem to enter trades while, at the same, paying close attention tomarket activity.

The benefit of using a keyboard is that a trader may execute a tradewith more speed than with a mouse. For example, a trader may use all tenfingers with a keyboard, while with a mouse, the trader may use no morethan two or three fingers. However, many trading professionals whofrequently have large amounts of money at stake continue to use pointingdevices that are considered easy to use, because they feel they are lesslikely to make unwarranted trading mistakes due to multiple keycompressions and prefer to forgo speed and efficiency for peace of mind.

Therefore, there is a need for providing systems and methods that enablea trader to execute trades quickly, efficiently, and accurately using acustomized keyboard.

SUMMARY OF THE INVENTION

It is an object of the invention to provide systems and methods thatenable a trader to execute trades quickly, efficiently, and accuratelyusing a customized keyboard.

In accordance with this and other objects of the invention, a customizedkeyboard for receiving user inputs from a trader and view regions fordisplaying information for the trader in useful arrangements areprovided. Traders, users or market participants may use the customizedkeyboard to navigate through a view region. The keyboard preferablyincludes keys that are pre-programmed to reflect the issues present ineach trading subregion, “quadrant” or “pane,” where key tradingindicators are displayed. Order keys that may be associated withspecific benchmark issues, instruments relating to benchmark issues ornon-benchmark issues allow a user to display and select trading panes aswell as place orders on such issues. The user can use other keys toswitch between multiple issues in a pane or other panes, quickly andefficiently create orders, manipulate orders, cancel orders, and obtaintrading information on these issues. Such keys may be preconfigured ormapped to perform functions based on the type of view or mode a user isin or based on the pane that is selected. The customized keyboard mayinclude means that enable users to switch keyboard configuration andcombine multiple keys so as to act as a single larger key, withoutreprogramming applications or the keyboard.

BRIEF DESCRIPTION OF THE DRAWINGS

The above and other objects and advantages of the invention will beapparent upon consideration of the following detailed description, takenin conjunction with the accompanying drawings, in which like referencecharacters refer to like parts throughout, and in which:

FIG. 1 is a block diagram of a system that may be used to implement theprocesses and functions of certain embodiments of the present invention;

FIG. 2 is a top perspective view of a keyboard according to the presentinvention;

FIG. 3 is a back elevational view of the keyboard of FIG. 2;

FIG. 4 is a side elevational view of the keyboard of FIG. 2;

FIG. 5 is a top elevational view of a preferred embodiment of thekeyboard of FIG. 2;

FIG. 6 is a top elevational view of another preferred embodiment of thekeyboard of FIG. 2;

FIG. 7 is an illustration of a view region that may be displayed to auser in accordance with certain embodiments of the present invention;

FIG. 8 is an illustration of an alternative embodiment of a view regionthat may be displayed to a user in accordance with certain embodimentsof the present invention;

FIG. 9 is an illustration of another alternative embodiment of a viewregion that may be displayed to a user in accordance with certainembodiments of the present invention;

FIG. 10 is an illustration of yet another alternative embodiment of aview region that may be displayed to a user in accordance with certainembodiments of the present invention; and

FIG. 11 is an illustration of keys in keyboard FIG. 2 in relation to apartial circuit diagram of the keyboard in accordance with certainembodiments of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

The present invention is directed to user input devices and view regionsuseful for receiving user input and displaying information. Moreparticularly, the present invention relates to customized keyboards withinput keys having arrangements, labels, colorization, programmedfunctionalities, and the like configured in conjunction with viewregions displaying information for users in useful arrangements. In thismanner, the view regions and the customized keyboards are configuredsuch that input keys on the keyboard are labeled and function incorrespondence to the information displayed on the view region.

The present invention allows any user, market participant or trader, toexecute and view trades quickly and accurately. With a customizedkeyboard, the user need not get distracted with windows or dialog boxescontaining interactive buttons that enable users to enter trades bymoving a cursor from one point on the screen to another and by clickingon such buttons with a mouse. Instead, the user may use his or herfingers to enter trade commands on different instruments while focusingon as little as one trade window or view region, thereby minimizing therisk of overlooking market activity before, during and after executing atrade.

Moreover, the customized keyboard may be designed such that multiplekeys can be combined to act as a single larger key. Keys may be groupedtogether to perform a single action without reprogramming applicationsor the keyboard, thereby eliminating the need for multiple keycompressions to be entered, and expanding or reducing the number ofindividually identifiable keys on the keyboard.

The following embodiments of the present invention relate to theelectronic trading of fixed income related instruments—e.g., UnitedStates Treasuries, United Kingdom Gilts, European Government Treasuries,and Emerging Market debts, swaps, repos, etc. The present invention mayalso be used for the electronic trading of securities or other financialinstruments, such as stocks or currencies, and is not limited only tothe trading of fixed income related instruments. The present inventionmay also be used for the electronic trading of other goods and services.

It should also be noted that although the following embodiments of thepresent invention relate to the trading of a single instrument, such asthirty-year U.S. Treasury Bonds, these embodiments are not limited onlyto the trading of a single instrument at a time. Rather, the presentinvention may also be applied to the trading of a basket of instruments.For example, users may place offers on the net price movements of thecurrent two, five, ten, and thirty-year U.S. Treasuries.

It should also be noted that the present invention is primarilydescribed herein in terms of a trading application. It will beunderstood that the trading application may be any suitable, software,hardware, or both configured to implement the features of the presentinvention. The trading application may be located at a central location(e.g., a central server). In another suitable approach, the tradingapplication may reside among different locations (e.g., a network).

Further details of the present invention are described below in relationto FIGS. 1-11.

Referring to FIG. 1, exemplary system 100 for implementing the presentinvention is shown. As illustrated, system 100 may include one or moreworkstations 110. Workstations 110 may be local or remote, and areconnected by one or more communications links 102 to communicationsnetwork 103 that is linked via communications link 105 to server 120.

Server 120 may be any suitable server, processor, computer, dataprocessing device, or combination of the same. Server 120 may be used toprocess and execute trades, and distribute trade and market informationto workstations 110. Server 120 may be linked to back office clearingcenter 130 via communications link 107.

A typical server 120 may include processor 121, display 122, inputdevice 123, and memory 124, which may be interconnected. In a preferredembodiment, memory 124 contains a storage device for storing a serverprogram for controlling processor 121. Processor 121 may use the serverprogram to process trade commands and execute trades communicated fromvarious workstations that are operated by multiple users of system 100,or other users, and communicates trade information to workstations 110and back office clearing center 130. More specifically, processor 121may use the server program to process the order placed by a user inresponse to the user entering commands using input device 113, andexecute trades based on such orders, whenever applicable.

Communications network 103 preferably includes the Internet but mayconsist of any suitable computer network such as an intranet, awide-area network (WAN), a local-area network (LAN), a wireless network,a digital subscriber line (DSL) network, a frame relay network, anasynchronous transfer mode (ATM) network, a virtual private network(VPN), or any combination of the same. Communications links 102 and 105may be any communications links suitable for communicating data betweenworkstations 110 and server 120, such as network links, dial-up links,wireless links, hard-wired links, etc.

Workstations 110 may be personal computers, laptop computers, mainframecomputers, dumb terminals, data displays, Internet browsers, PersonalDigital Assistants (PDAs), two-way pagers, wireless terminals, portabletelephones, etc., or any combination of the same. Workstations 110 maybe used by users to trade instruments in accordance with the embodimentsof the present invention.

A typical workstation 110 may include processor 111, display 112, inputdevice 113, and memory 114, which may be interconnected. In a preferredembodiment, memory 114 contains a storage device for storing aworkstation program for controlling processor 111. Input device 113 mayinclude keyboard 200, illustrated in FIG. 2, and may be used by users inconjunction with display 112 to execute and monitor trades. Processor111 may use the workstation program to receive trade informationrelating to the instruments being traded by multiple users of system100, or other users, and display such information on display 112 orcommunicate such information to display 112.

Back office clearing center 130 may be any suitable equipment, such as acomputer, a laptop computer, a mainframe computer, etc., or anycombination of the same, for causing trades to be cleared and/orverifying that trades are cleared. Communications link 107 may be anycommunications links suitable for communicating data between server 120and back office clearing center 130, such as network links, dial-uplinks, wireless links, hard-wired links, etc.

FIG. 2 is an illustrative schematic view of a custom keyboard 200 thatmay be included as part of input device 113 of workstation 110 shown inFIG. 1. Keyboard 200 may have back portion 210, shown in FIG. 3, sideportion 220, shown in FIG. 4, bottom portion 240, shown in FIGS. 3 and4, and top portion 230, shown in FIG. 5. Keyboard 200 may include avariety of keys 2000.

As shown in FIG. 3, back portion 210, may include difference types ofcommunication ports that may be used to connect the keyboard to theworkstation it is used in. Such communication ports may includecommunication ports 212—e.g., an optical port, a parallel port, a serialport, etc.—in addition to toggle switch 214, which is also shown in FIG.4 and which is described below in connection with FIG. 11.

As shown in FIG. 5, keys 2000 may be labeled and may be pre-programmedwith functionality. Keys 2000 of the keyboard may be divided intosubcategories that may be grouped based on the functions that areintended to be associated with them. Such groups of keys may include“DD” key 2001 and “2Way” key 2002. Such keys may be used to performvarious functions such as requesting a quote to buy and/or sell aparticular instrument, or any other functions relating to styles ofDirect Dealing. Such functions may be implemented as described inco-pending commonly assigned U.S. patent application Ser. No.10/113,841, filed Mar. 29, 2002, co-pending commonly assigned U.S.patent application Ser. No. 10/699,859, filed Oct. 31, 2003 (CF-78), andco-pending commonly assigned U.S. patent application Ser. Nos.10/640,829 and 10/641,196, filed Aug. 13, 2003.

Another example of a set of keys that are grouped based on the functionsthey are associated with is the group of issue keys 2600, which mayinclude keys 2601 through 2608. Each key pertaining to the same group ofkeys may be color-coded. For example, keys 2001 and 2002 may be coloredyellow, while issue keys 2600 may be colored dark grey, with theexception of issue keys 2601 and 2605, which may be colored differentlyso that they are more easily identified or located. Some keys may beuniquely color-coded—i.e., a desired color may be dedicated to one andonly one key. For example “ALT” key 2006 may be the only key that iscolored blue, while “MOD” key 2902 may be the only key that is coloredred.

Various keys may be adapted to perform more than a single function,depending on whether such keys are pressed individually orsimultaneously. For example, although pressing “Active” key 2007separately turns the keyboard on or off, pressing “Active” key 2007while holding down “MOD” key 2902 may cause specific information to bedisplayed on display 112 of workstation 110 of FIG. 1. Such informationmay relate to the maker, distributor, and/or licensor of the keyboardsystem, may pertain to the model or version of the keyboard system,and/or may provide customer service contact information.

In order to facilitate using the keyboard, each key may be labeled withthe function or group of keys it is associated with. In addition, eachkey may be labeled with the additional function it is used to performwhen pressed while holding down another key, such as “MOD” key 2902. Inthis particular example, the label that is associated with theadditional or <MOD> function of each key may be colored red, which isthe same color that it used to color “MOD” key 2902.

At least two types of views or modes, known as benchmark views andspecific views, may be provided and associated with the differentembodiments of the present invention. FIG. 5 illustrates the top portion230 of a preferred embodiment of a keyboard that may be adapted for usein conjunction with the benchmark views in view regions 700 and 800 ofFIGS. 7 and 8, respectively. FIG. 6 illustrates a top portion 630 of apreferred embodiment of a keyboard that may be adapted for use inconjunction with the specific views in view regions 900 and 1000 ofFIGS. 9 and 10, respectively. FIG. 5 will now be described inconjunction with FIGS. 7 and 8.

View region 700, of which an illustrative screenshot is shown in FIG. 7,may display a benchmark view to the user on display 112 of workstation110 of FIG. 1. View region 700 may be interactive, may include window780, and may be customized by each user and may contain selectivelyconfigured subregions. These subregions may also be in the form of panesand may be referred to as trading quadrants or Quads. In the exemplaryarrangement shown in FIG. 7, view region 700 may include panes 710, 720,730, 740, 750 and 760. Each trading quadrant or pane represents aportion of the view region displaying information relating to financialinstruments. Each pane may be dedicated to a benchmark instrument orissue, and a set of issues relating to the benchmark instrument beingtraded. Panes 710, 720, and 730 may encompass the vertical regionsindicated and each may extend horizontally from the left-most edge toapproximately the midpoint of the screen. Panes 740, 750, and 760 mayencompass the vertical regions indicated and may each extendhorizontally from approximately the midpoint of the screen to theright-most edge.

Pane 710 shows a two-year view relating to a two-year U.S. TreasuryNote. Pane 740 shows a ten-year view relating to a ten-year U.S.Treasury Note. Pane 720 shows a five-year view relating to a five-yearU.S. Treasury Note. Pane 750 shows a thirty-year view relating to athirty-year U.S. Treasury Bond. Pane 730 shows a three-year viewrelating to a three-year U.S. Treasury Note. Pane 760 shows additionalnon-benchmark issues that can be accessed using issue keys 2600. Eachpane or portion of a pane may be displayed to users in different colors.For example, the particular instrument being traded by a user may behighlighted or displayed to that user in a color that differs from thoseof other portions in the same or in different pane.

For each particular issue, the latest key trading indicators may bedisplayed within a pane, such as: the bid, the offer, the bid/offersizes, etc. The user may customize the panes to display otherinformation, such as the latest settling price or the total volumetraded. Each indicator or set of indicators may be marked with aparticular color to indicate features of that component and/or tofacilitate viewing of each component. The information displayed maypreferably be updated in real-time as the different trades on theinstruments are processed.

The user may use bid keys 2200, offer keys 2400, buy keys 2300 and sellkeys 2500 in order to place bids/offer orders or buy/sell orders oncurrent issues of particular instruments shown in view region 700. Eachrow of such keys in FIG. 5 may be used to place orders on differentissues shown in the panes of FIGS. 7 and 8. While bid/offer keys 2200and 2400 and buy/sell keys 2300 and 2500 in a single row may beassociated with specific issues, namely the headline or benchmarkissue—i.e., the on-the-run top-most issue listed in each pane—bid/offerkeys 2250 and 2450 and buy/sell keys 2350 and 2550 in the same row maybe associated with any of the other issues that are available in thelower portion of the same panes and that relate to the benchmark issuesin these panes, depending on which one of keys 2700 is pressed.

For example, “BUY 1” may be pre-programmed such that when pressed, itallows the user to lift an offer on or purchase the two-year headlinenotes expiring in March, 2005 in pane 710 at the price shown. Similarly,“SELL 2” may be pre-programmed such that when pressed, it allows theuser to hit a bid on or sell the ten-year headline notes expiring inFebruary, 2013 in pane 740 at the price shown.

However, “WI/OLD BUY 1-1” may be pre-programmed such that when pressed,it allows the user to lift an offer on or purchase an older two-yearnotes expiring in February, 2005 in pane 710 at the price shown, after“ROLL” key 2700 is pressed, denoting the most recent off-the-run issue.Similarly, “WI/OLD SELL 2-1” may be pre-programmed such that whenpressed, it allows the user to hit a bid on or sell the 2BK ten-yearnotes expiring in August, 2012 in pane 740 at the price shown, after“2BK” key 2700 is pressed, denoting the second most recent off-the-runissue.

“MOD” key 2902 may be used with any of bid keys 2200 and 2250, offerkeys 2400 and 2450, buy keys 2300 and 2350, and sell keys 2500 and 2550in order to cancel the particular order that was placed on theinstruments with the same key. Alternatively, each “CXL ALL” key of thegroup of keys 2800 may be used to cancel all pending bid/offer/buy/sellorders on any of the issues of the instrument in a particular pane thatis associated with any of keys 2250, 2350, 2450 and 2550 having the samenumber (e.g., 3-1 or 2-1) as the particular “CXL ALL” key.Alternatively, “MOD” key 2902 may be used with “PI” key 2009 in order tocancel each and every pending order on all the instruments that areshown in panes 710, 720, 730, 740 and 760.

Server 120 of FIG. 1 may translate and process orders that are placed ondifferent issues based on the order in which commands are entered usingkeyboard 200. Command Line 790 of FIG. 7 may display the series ofcommands entered using the keys that are pressed to place orders. Anytime one of keys 2200, 2300, 2400 or 2500 is pressed, an order may beplaced on the available size and price of the headline issue of theinstrument in the particular pane associated with the key that ispressed. Similarly, any time one of keys 2250, 2350, 2450 or 2550 ispressed, an order may be placed on the available size and price of theissue of the instrument in the particular pane associated with the keythat was most recently pressed from the group of keys 2700. Accordingly,keys 2200, 2300, 2400, 2500, 2250, 2350, 2450 or 2550 may be referred toas order keys.

In order to specify a desired size and price for such issues, keys 2100may be pressed prior to pressing any of the order keys and afterpressing any one of keys 2700. The price and size may be distinguishedand separated by pressing “SPACE/OK” key 2100. If only a single numberis entered using keys 2100, it may be automatically treated andprocessed as a price entry. If two numbers are entered, the first may betreated as a price entry, while the second, as a size entry.Alternatively, if one of the numbers that was entered includes a decimalplace or a “+” or “−” sign, it may be automatically treated as a priceentry. A “+” or “−” sign may be used to increase or decrease the priceby an amount that may be configured by the user, such as one quarter orone eight of a basis point.

In order to delete the latest digit that was entered in connection withprice or size, the user may press “DEL” key 2904. Alternatively, bypressing “DEL” key 2904 while holding down “MOD” key 2902, the user maybe able to move a cursor between the entered digits. The user may thendelete the desired digit, group of digits or other commands displayed incommand line 790 by simply pressing “DEL” key 2904. The user may alsomodify the price by pressing “Price Up” key 2908 or “Price Down” key2906.

In order for a user to place orders on the issues in pane 760, a processsimilar to the one described above may be used. For example, the usermay buy the available size of the non-benchmark issue dated January,2007 at a price of 109.20 by pressing “ISSUE 6-1” key 2601, followed byany one of keys 2350. Similarly, the user may bid for the available sizeof the non-benchmark issue dated January, 2012 at the price of 111.21 bypressing “ISSUE 6-6” key 2606, followed by any one of keys 2250. Inother words, a portion of order keys may be mapped to correspond to aspecific non-benchmark issue displayed in pane 760 when the issue keycorresponding to the specific non-benchmark issue is pressed. The usermay modify the price and size of the order using keys 2908, 2906 and/or2100.

“QUAD VIEW” key 2005 allows the user to toggle between the classes ofnon-benchmark instruments shown in pane 760, such as TreasuryInflation-Protected Securities (TIPS), foreign exchange (FX),Agencies—i.e., bonds issued by government-sponsored agencies, EGBs—i.e.,German bonds, and Euros or Eurobonds. The user may place orders onissues of such instruments by continuously pressing “QUAD VIEW” key 2005until the desired instrument is selected, then pressing the appropriateissue key 2600 followed by any of keys 2250, 2350, 2450 or 2550.Alternatively, pressing issue keys 2605, 2606, 2607 or 2608 whileholding down “MOD” key 2902 allows the user to toggle between TIPS, FX,Agencies and EGBs.

By providing a variety of simple ways for accessing different issues ofinstruments that may be related or unrelated, the present inventionallows a user to place orders on such instruments and toggle betweenthem quickly and accurately. For example, a user trading U.S. treasuriesmay be no more than two or three key compressions away from tradingEuropean currency using the keyboard in conjunction with the view regiondisclosed herein. This allows the user to use his or her fingers toenter trade commands on different instruments while focusing on aslittle as one view region.

Pressing “QUAD VIEW” key 2005 while holding down “MOD” key 2902 allowsthe user to contract or expand each of panes 710, 720, 730, 740 and 750.The panes depicted in FIGS. 7 and 8 are examples of expanded panes,while panes 920, 930 and 950 of FIG. 9 are examples of contracted panes.

Other useful information may be shown in window 780. In response to auser pressing “Status Toggle” key 2004, the trading application mayprovide the user with the trade history of the item or instrument inwindow 780. In response to the user pressing “Status Toggle” key 2004multiple times, the trading application may cycle or toggle betweendifferent information relating to the item or instrument, such as, forexample, the active orders for the item or instrument, the tradehistory, the market history, or the status of the item or instrument.

View region 800, of which an illustrative screenshot is shown in FIG. 8,may display another benchmark view to the user on display 112 ofworkstation 110 of FIG. 1. View region 800 may be interactive and may becustomized by each user. In this exemplary arrangement, the screen has avertical (portrait) aspect ratio and includes panes 710, 720, 730, 740and 750, which substantially correspond to the like-numbered panes shownin FIG. 7, but here are arranged vertically. Keys 2000 of FIG. 5 may beused to perform the same functions and display the same information inFIG. 8 as the ones described in connection with FIG. 7.

FIG. 6 will now be described in conjunction with FIGS. 9 and 10. FIG. 6illustrates a top portion 630 of another preferred embodiment ofkeyboard 200 of FIG. 2 having keys 6000 that may be labeled and may bepre-programmed substantially similarly to keys 2000 of FIG. 5. Just likekeys 2000, keys 6000 may include issue keys 2600, “DD” key 2001, “2Way”key 2002, “Select” key 2003, “Status Toggle” key 2004, “QUAD VIEW” key2005, “ALT” key 2006, “Active” key 2007, “PI” key 2009, “MOD” key 2902,“DEL” key 2904, “Price Down” and “Price Up” keys 2906 and 2908, and “CXLALL” keys 2800, which may be associated with substantially the samefunctions described in conjunction with FIGS. 5 and 7. Keys 6000 mayalso include bid keys 2200 and 2250, offer keys 2400 and 2450, buy keys2300 and 2350, sell keys 2500 and 2550, which may be associated withsubstantially the same functions described in conjunction with FIGS. 5and 7 when used with issue keys 2600, but which may be associated withdifferent functions otherwise, as described below.

View region 900, of which an illustrative screenshot is shown in FIG. 9,may display a specific view to the user on display 112 of workstation110 of FIG. 1. View region 900 may be interactive and may be customizedby each user and may contain selectively configured panes similar to theones in FIG. 7. In this exemplary arrangement, the screen has a vertical(portrait) aspect ratio and includes panes 910, 920, 930, 940, 950, 960(which is a contracted view of pane 760), window 780, and command line790.

Pane 910 shows an expanded two-year view relating to a two-year U.S.Treasury Note. Pane 940 shows an expanded five-year view relating to afive-year U.S. Treasury Note. Pane 920 shows a three-year view relatingto a three-year U.S. Treasury Note. Pane 950 shows a ten-year viewrelating to a ten-year U.S. Treasury Note. Pane 930 shows a thirty-yearview relating to a thirty-year U.S. Treasury Bond.

Unlike keys 2000 of FIG. 5, keys 6000 may include keys 6700, which maybe used to toggle between and select a particular pane in FIGS. 9 and 10displaying a benchmark instrument and issues relating to the benchmarkinstrument. Moreover, keys 6700 may be spatially aligned to correspondto the alignment of panes 910, 920, 930, 940, 950 and 960, so that thekeys corresponding to the instruments in those panes are more easilyidentified, thereby facilitating selecting such instruments.

Although not described in relation to FIGS. 5, 7 and 8, “Select” key2003 allows the user to toggle between the panes in the specific view ofFIG. 9, thereby providing the user with another method for selectingbenchmark instruments and particular issues relating to a benchmarkinstruments.

Once the user selects a particular pane, the user may place orders ondifferent issues within the pane by pressing on order keys 2200, 2250,2300, 2350, 2400, 2450, 2500 and/or 2450. More specifically, once a userpresses one of keys 6700 or “Select” key 2003, to select a particularpane, each one of keys 2200, 2250, 2300, 2350, 2400, 2450, 2500 and 2450may allow the user to place orders on the particular benchmarkinstrument in the pane, or any issue related to the benchmarkinstrument. For example, after the user has pressed “2 YEAR” key 6700,“BUY 1” key 2300 may allow the user to lift an offer on or purchase thetwo-year headline notes expiring in March, 2005 displayed in portion 916of pane 910 at the price shown.

As another example, after the user presses “2 YEAR” key 6700, “WI/OLDBUY 5-1” key 2350 may allow the user to hit a bid on or sell the issuepreceded by the number 5-1 in portion 918 of pane 740. “BID 5-1” key2250 may allow the user to place a bid on that same issue, while “OFFER5-1” may allow the user to place an offer on that same issue. And“WI/OLD SELL 3-1” key 2550 may allow the user to hit a bid on or sellthe issue preceded by the number 3-1 in portion 918 of pane 740.Similarly, “BID 3-1” key 2250 may allow the user to place a bid on thatsame issue, while “OFFER 3-1” may allow the user to place an offer onthat same issue.

Accordingly, the order keys may be mapped to correspond to a specificbenchmark issue in a particular pane shown in the specific view or mode,as well as issues relating to the specific benchmark issue, when thespecific key corresponding to that pane is pressed.

Like in FIG. 5, “MOD” key 2902 may be used with any of bid keys 2200 and2250, offer keys 2400 and 2450, buy keys 2300 and 2350, and sell keys2500 and 2550 in order to cancel the particular order that was placed onthe instruments with the same key. Alternatively, each “CXL ALL” key ofthe group of keys 2800 may be used to cancel all pendingbid/offer/buy/sell orders on any of the issues of the instrument in aparticular pane that is associated with any of keys 2250, 2350, 2450 and2550 having the same number (e.g., 3-1 or 2-1) as the particular “CXLALL” key. Alternatively, “MOD” key 2902 may be used with “PI” key 2009in order to cancel each and every pending order on all the instrumentsthat are shown in panes 910, 920, 930, 940, 950 and 960.

View region 1000, of which an illustrative screenshot is shown in FIG.10, may display another specific view to the user on display 112 ofworkstation 110 of FIG. 1. View region 1000 may be interactive and maybe customized by each user. In this exemplary arrangement, the screenhas a vertical (portrait) aspect ratio and includes panes 1010 (whichcorresponds to contracted pane 910 in FIG. 10), and panes 920, 930, 940,and 950, which substantially correspond to the like-numbered panes shownin FIG. 9, but here are arranged vertically along with window 780. Keys6000 of FIG. 6 may be used to perform the same functions and display thesame information in FIG. 10 as the ones described in connection withFIG. 9.

Referring back to FIG. 1, whenever the user presses any of the orderkeys, processor 111 of the workstation 110 to which the input device 113or keyboard used to press such a key is coupled may perform certainfunctions. Such functions may include using a workstation program todisplay a trading quadrant or pane in the view region, highlight orselect the pane in which the instrument is displayed, display tradinginformation relating to the instrument and/or display an order placed bythe user in the appropriate pane of the view region. In addition,processor 111 may use the workstation program to communicate each orderplaced on an issue to server 122 and to receive confirmation that theorder was successfully placed, received and/or processed by server 120.Processor 111 may also set a configuration or map the different keysdepending on the instrument or pane that is selected.

The functions of processor 111 may also be implemented by processor 121.For example, server 120 may include processor 121 which, in turn, mayinclude processor 111. In such an arrangement, display 122, input device113 and memory 114 may be replaced by display 122, display 123 andmemory 124 respectively. Alternatively, device 120 may act as both aworkstation 110 and server 120 in order to execute trades directly.

According to the present invention, keyboard 200 of FIG. 2 may becustomized and designed with the flexibility to configure the physicalkeyboard device to adapt to different product needs. In a preferredembodiment of the present invention, multiple keys can be combined toact as a single larger key to allow keyboard configurations to emphasizecertain actions by assigning them relatively larger keys. Grouping keystogether as a single larger key to perform a single action withoutreprogramming applications or the keyboards provides flexibilitycurrently not available in conventional keyboard designs. Unlikestandard keyboards, this configuration eliminates or reduces the needfor multiple key compressions to be entered to pass different meaningsto an application. Dynamic key layouts also provide flexibility toexpand or reduce the number of individually identifiable keys on thekeyboard.

Referring back to FIGS. 3 and 4, toggle switch 214 may be used tocontrol the functionality of certain keys of keyboard 200, as depictedin FIG. 11. In particular embodiments of the present invention,physically configurable keyboard layouts may be selected by using toggleswitch 214 and replacing keys 2222 and 2224 with a single key 1111.

Typical keyboard keys are configured in a way such that pressing any ofthem closes a circuit, thereby indicating that a particular key wasactuated. For example, referring to FIG. 11, pressing key 2224 closesON-OFF switch 1102, thereby allowing current from line 1140 to flowthrough line 1112. In certain embodiments of the present invention,toggle switch 214 may preferably be used to change the function of twoor more desired keys from one configuration to a second configuration.

Toggle switch 214, or any other suitable device, may be included on theback portion of keyboard 200 as shown in FIGS. 3 and 4, or on any otherappropriate location on the keyboard. In a first configuration—i.e., afirst position of toggle switch 214—pressing each of physically distinctkeys 2222 and 2224 leads to closing ON-OFF switches 1104 and 1102,respectively, when switch 1106 is in a first position. This allowscurrent from line 1140 to flow through each of lines 1114 and 1112,respectively, thereby indicating that these keys have been actuated.

In a second configuration,—i.e., a second position of toggle switch214—the signal path from key 2222 may be coupled to ground 1150 whenswitch 1106 is in a second position. Therefore, pressing key 2224 closesON-OFF switch 1102, thereby allowing current from line 1140 to flowthrough line 1112, while pressing key 2222 alone does not cause currentto flow in any of lines 1112 or 1114. Accordingly, key 2222 may bedisabled while in the second configuration.

Therefore, keys 2222 and 2224 may be replaced by single key 1111, whichis preferably somewhat larger than each of the two keys. In this way,the keyboard may be adapted to provide a single key that may beassociated with a single function, namely, that of 2224, when toggleswitch 214 is in the second position where previously two keys,associated with two distinct functions, existed.

Keys 2222 and 2224 may represent any adjacent keys 2000 in keyboard 200.It should be understood that any two or more adjacent keys in keyboard200 may be replaced by a single larger key that can perform the functionof one of the keys that has been replaced or disabled, when utilizingtoggle switch 214.

In another embodiment of the present invention, the keyboardconfiguration may be systemically adjusted according to the type of viewbeing currently displayed to the user. More specifically, as a userswitches from a benchmark view or mode to a specific view or mode, thekeyboard may be preconfigured to change its mapping and functionalityfrom the mapping of functions described in connection with FIG. 5 tothat of FIG. 6. Similarly, as a user switches from a specific view ormode to a benchmark view or mode, the keyboard may be preconfigured tochange its mapping and functionality from the mapping of functionsdescribed in connection with FIG. 6 to that of FIG. 5.

It is understood that the size, shape, and color of the keyboard, thearrangement of the keys, the color-coding of the keys, the key labels,and any suggested functionality for the keys in FIGS. 5 and 6, 11 and 12are examples shown for purposes of illustration only. It is alsounderstood that the sizes, shapes, colors and arrangements of the panesand view regions in FIGS. 7-10 are examples shown for purposes ofillustration only. It is understood that modifications of any or all ofthe foregoing characteristics of the keys, keyboards, panes and viewregions are within the scope of the present invention.

Finally, one of ordinary skill in the art should appreciate that thepresent invention may be practiced in embodiments other than thoseillustrated herein without departing from the spirit and scope of theinvention, and that the invention is only limited by the claims whichfollow.

What is claimed is:
 1. An apparatus comprising: a display screen; akeyboard comprising a communication port to communicate with a displayscreen; and at least one processor to: render a plurality of panes ondifferent parts of the display screen; render data associated with adifferent financial instrument in each pane; set an input focus to agiven pane of the plurality of panes; associate the given pane on thedisplay screen with a set of keys on the keyboard; render market data inthe given pane of the display screen; associate a first type of therendered market data in the given pane with a first subset of the set ofkeys on the keyboard, and preclude the first subset of the set of keysfrom creating transactions for ones of the plurality of panes other thanthe given pane while the input focus is set to the given pane; associatea second type of the rendered market data in the given pane with asecond subset of the set of keys on the keyboard; generate a transactionrelated to the first type of the rendered market data in the given pane,in response to a selection of a key in the first subset of keys;generate a transaction related to the second type of the rendered marketdata in the given pane, in response to a selection of a key in thesecond subset of keys; detect a selection of a toggle key on thekeyboard; and move the input focus to a different pane, in response tothe selection; wherein the first subset of keys and second subset ofkeys are different from each other.
 2. The apparatus of claim 1, whereinthe keyboard further comprises a switch to change a function of a givenkey on the keyboard.
 3. The apparatus of claim 2, wherein the at leastone processor is further configured to set a function of the given keyon the keyboard to function as one of two adjacent keys.
 4. Theapparatus of claim 3, further comprising a circuit in communication withthe switch to configure the given key.
 5. The apparatus of claim 1,wherein the keyboard further comprises a key associated with directdealing.
 6. The apparatus of claim 1, wherein the first type of therendered market data is related to a benchmark issue.
 7. The apparatusof claim 6, wherein the second type of the rendered market data isrelated to issues different from benchmark issues.
 8. The apparatus ofclaim 1, wherein a key in the first subset of keys, when actuated, isconfigured to cause at least one processor to submit a bid or an offerfor an instrument related to a benchmark issue that is displayed in thegiven pane.
 9. The apparatus of claim 8, wherein a key in the secondsubset of keys, when actuated, is configured to cause at least oneprocessor to buy or sell an instrument related to a benchmark issue thatis displayed in the given pane.
 10. The apparatus of claim 1, wherein akey in the second subset of keys, when actuated, is configured to causeat least one processor to submit a bid or an offer for an instrumentdisplayed in the given pane that is different from a benchmark issue.11. The apparatus of claim 1, wherein a key in the second subset ofkeys, when actuated, is configured to cause at least one processor tobuy or sell an instrument displayed in the given pane that is differentfrom a benchmark issue.